Swissquote bank accounts

Dear Moneyland team,

We found an bank called Swissquote Bank AG on the Internet and apparently this bank has an account which we can open as German citizens. The account does not have any fees. I am 76 and we live in Singen near the Swiss border. We want to tuck away 20,000 francs in an online bank account from Swissquote as an emergency backup in case the Euro crashes. Earning interest is not a big consideration so the low interest rates don't bother us.

But there are lots of conmen on the Internet and a lot of older people get conned because they are too trusting. We are not great at using Internet and web searches so we would be grateful if you could clear a few things up for us before we try to open this account.

a) Have you heard of the Swissquote Bank AG and is it recognized as one of Switzerland's biggest banks?

b) Does Swissquote offer an account with no fees?

Thank you very much.

Kind regards

Hi there,

Swissquote is a well-known Swiss bank which is registered with Swiss financial supervisory authority FINMA. The bank specializes in online securities brokerage and is the leading Swiss bank in that sector.

Until recently, Swissquote offered CHF, EUR, USD and GBP savings accounts which could be opened without subscribing to the bank's brokerage services. The account had no annual fee and was available to people living outside of Switzerland. However, this offer no longer stands, and Swissquote savings accounts are now offered exclusively to existing Swissquote customers.

While bank customers residing outside of Switzerland pay high additional fees at most Swiss banks, some Swiss online brokers offer custody accounts to non-residents at no extra cost. However, custody accounts are not well suited to saving.

Best regards from Moneyguru

More on this topic:
Swiss savings account comparison
Swiss online broker comparison
Non-resident fees at Swiss banks
Swiss bank accounts for foreign residents

What are your opinions on the new Swissquote multi-currency credit card? Is it a good card for international travelers? Is it cheap to use? What are the main benefits of the card? Would you recommend it?

Hi there,

Swissquote offers 2 versions of its multi-currency credit card: The Silver Multi-Currency Credit Card and the Gold multi-currency credit card. The silver card has an annual fee of either CHF 100, USD 100 or EUR 100, depending on its denominating currency. The gold card has an annual fee of 200 CHF, EUR or USD. Both cards have a minimum line of credit of CHF 500. Additional cards cost CHF/USD/EUR 50 (silver card) or 100 (gold card).

The primary benefit of these cards is that you can charge purchases in 12 different currencies without paying a foreign transaction fee. These currencies include: CHF, USD, GBP, EUR, AUD, CAD, HKD, JPY, NOK, SEK, DKK, AED. This makes it a very affordable card to use if you frequently make purchases in these currencies (online or while traveling, for example). It is currently the only multi-currency credit card issued in Switzerland. When you make purchases in all other currencies, you pay a 1.5% foreign transaction fee – which is comparable to the most favorable credit card foreign transaction fee offered by another Swiss bank.

Another benefit of the cards is that you are rewarded with Swissquote brokerage account credits when you charge purchases to your card. This is similar to cash back, and the rates are favorable at 0.5% with the silver card and 1% with the gold card.

The Gold multi-currency credit card provides complimentary travel insurance when you use it to pay for travel. This coverage includes trip cancellation insurance, trip interruption insurance, luggage loss and theft coverage (CHF 200 deductible in the case of theft), a collision damage waiver for rental vehicles and search and rescue cost coverage.

The cash advance fee is typical for Swiss credit cards, at 3.5% of the amount withdrawn with a minimum fee of CHF/USD/EUR 5 per withdrawal. Cash advances are limited to CHF/USD/EUR 1000 per week with the silver card and to CHF/USD/EUR 5000 per week with the gold card. In certain countries – primarily certain African and central Asian countries – it is not possible to get cash advances using the silver card, and cash advances with the gold card are limited to CHF/USD/EUR 2000 per day or week.

Although the annual fees for these cards are relatively high, the absence of foreign transaction fees for 12 currencies can more than compensate for annual fees in the case of individuals who frequently spend in these currencies. The biggest drawback of this card is that it is only available to Swissquote account holders, which limits it to consumers who would use a brokerage account. For this reason it is not currently included in the interactive credit card comparison on moneyland.ch.

Best regards from Moneyguru

How does Swissquote compare with other Swiss brokers? Not only in terms of cost, but also the services and the investments you can trade?

Hi there,

Swissquote does let you access some stocks which cannot be accessed with many other Swiss brokers. For example, Swissquote is one of relatively few Swiss brokers that give you access to trading stocks on the Bern Exchange and hosts its own cryptocurrency exchange.

Best regards from Moneyguru